スペインのBANKIA銀行は、詐欺的に販売された高利の定期預金と擬装された優先株式を50%の価格で変換購入の予定*消費者に50%の損害
Bankia canjerará las preferentes por casi la mitad de su valor nominal
La entidad abrirá el canje voluntario pero forzará el cambio si no hay aceptación, según dos fuentes relacionadas con la operación
Bloomberg Madrid 16 NOV 2012 - 19:48 CET
Bankia canjerará the preferred by almost half its nominal value
The entity voluntary exchange opens but will force the change if there is no acceptance, according to two sources familiar with the operation
Bloomberg Madrid 16 NOV 2012 - 19:48 CET
Spain could force bondholders (among other instruments, preference shares) of Bankia to take losses of almost 50% on the nominal value of their titles, have been identified as two people who know the operation. The nationalized bank plans to reduce the value of debt by almost half, and offer lower losses for subordinated bondholders, claimed the sources, who asked not to be identified because investors have not yet been informed of these details. According to these sources, which have similar characteristics debt nationalized entities face similar reductions.
The nominal value reduction can be controversial, since among the instruments affected calls are preferred shares that were traded between individuals, which is presented as the high yield safe investments even in 2009. Spain is taking this step to meet the conditions set by the euro partners to access help for the financial system of 100,000 million euros, according to the agreement reached at the July MOU.
"Knowing what courts shall apply the nationalized key to Spanish investors with assets in trouble, as this sets a benchmark," said Francesco Marani, fixed income trader Auriga Global Investors in London. Simon O'Connor, spokesman for EU Economic and Monetary Affairs, declined to comment. Bankia also declined to comment.
An agreement with the European Union
Spain agreed to impose losses on debt holders of banks bailed out in the Memorandum of Understanding signed to close the financial system bailout with the EU was signed on July 20. What has not been officially announced is the extent of the losses should be borne by those who invested in these products.
The discounts on the face value on the so-called Group 1 (which has been fitted according Bankia tests were performed at Spanish banks) will be done through the exchange of debt for equity, said the sources. Bankia will offer an exchange on a voluntary basis first, and then, in a mandatory exchange if insufficient acceptance.
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